EQT Corp (EQT) 2024 Q1 法說會逐字稿

Good morning. My name is Briana, and I will be your conference operator today. At this time, I'd like to welcome everyone to the EQT First Quarter 2024 Results Conference Call. (Operator Instructions)

早安.我叫 Briana，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加殷拓 2024 年第一季業績電話會議。 （操作員說明）

I would now like to turn the conference over to Cameron Horwitz, Managing Director, Investor Relations and Strategy. Please go ahead.

我現在將會議交給投資者關係與策略部董事總經理卡梅倫‧霍維茲 (Cameron Horwitz)。請繼續。

Good morning, and thank you for joining our first quarter 2024 earnings results conference call. With me today are Toby Rice, President and Chief Executive Officer; and Jeremy Knop, Chief Financial Officer. In a moment, Toby and Jeremy will present their prepared remarks with a question-and-answer session to follow. An updated investor presentation has been posted to the Investor Relations portion of our website, and we will reference certain slides during today's discussion. A replay of today's call will be available on our website beginning this evening.

早安，感謝您參加我們的 2024 年第一季財報電話會議。今天與我在一起的有總裁兼執行長 Toby Rice；和財務長傑里米·諾普。稍後，托比和傑里米將發表他們準備好的發言，隨後進行問答環節。更新的投資者簡報已發佈到我們網站的投資者關係部分，我們將在今天的討論中引用某些幻燈片。從今晚開始，我們的網站將提供今天電話會議的重播。

I'd like to remind you that today's call may contain forward-looking statements. Actual results and future events could materially differ from these forward-looking statements because of factors described in yesterday's earnings release, in our investor presentation, the Risk Factors section of our Form 10-K and in subsequent filings we make with the SEC. We do not undertake any duty to update any forward-looking statements.

我想提醒您，今天的電話會議可能包含前瞻性陳述。由於昨天的收益報告、我們的投資者介紹、我們的 10-K 表格的風險因素部分以及我們向 SEC 提交的後續文件中描述的因素，實際結果和未來事件可能與這些前瞻性陳述存在重大差異。我們不承擔更新任何前瞻性陳述的責任。

Today's call also contains certain non-GAAP financial measures. Please refer to our most recent earnings release and investor presentation for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures.

今天的電話會議也包含某些非公認會計準則財務指標。請參閱我們最新的收益報告和投資者介紹，以了解有關此類措施的重要揭露，包括與最具可比性的公認會計原則財務措施的調節。

With that, I'll turn the call over to Toby.

這樣，我就把電話轉給托比。

Thanks, Cam, and good morning, everyone. Last month, we announced our agreement to acquire Equitrans Midstream, a transaction that will transform EQT into America's first vertically integrated large-scale natural gas business. As we described in our conference call last month, this deal catapults EQT to the absolute low end of the North American natural gas cost curve, providing free cash flow durability in the low parts of the commodity cycle while simultaneously unlocking unmatched price upside by mitigating defensive hedging needs, thus providing investors with peer-leading risk-adjusted exposure to natural gas prices. This combination is anticipated to drive our long-term free cash flow breakeven price to approximately $2 per million BTU, which is $0.75 below the peer average and $1.50 below the marginal cost of supply in the Haynesville.

謝謝卡姆，大家早安。上個月，我們宣布同意收購 Equitrans Midstream，這筆交易將把 EQT 轉變為美國第一家垂直整合的大型天然氣企業。正如我們在上個月的電話會議中所描述的，這筆交易將殷拓集團推至北美天然氣成本曲線的絕對低端，在大宗商品週期的低點提供自由現金流的持久性，同時透過緩解防禦性釋放無與倫比的價格上漲空間。這種組合預計將使我們的長期自由現金流盈虧平衡價格達到每百萬 BTU 約 2 美元，比同行平均低 0.75 美元，比海恩斯維爾的邊際供應成本低 1.50 美元。

This gap between EQT and both average and marginal natural gas producers is a sustainable advantage, which is rare to find among any commodity business and ensures EQT is best positioned to create through cycle value for shareholders, while other producers are forced to either chase commodity prices with the drill bit in a similar fashion to what has led to historical industry, value destruction or defensively hedge a significant amount of production, thus limiting the ability to capture value in the up cycle.

殷拓與平均和邊際天然氣生產商之間的這種差距是一種可持續的優勢，這在任何大宗商品企業中都是罕見的，並確保殷拓能夠最好地為股東創造循環價值，而其他生產商則被迫追逐大宗商品價格鑽頭以類似於導致歷史工業價值破壞或防禦性對沖大量生產的方式，從而限制了在上升週期中獲取價值的能力。

Along with the material cost structure advantage, the combination of EQT and Equitrans will also create an integrated well to watch solution that will help enable and power growing demand associated with the data center and artificial intelligence booms that are burgeoning across the Southeast and Mid-Atlantic regions of the United States.

除了材料成本結構優勢外，EQT 和Equitrans 的結合還將創建一個整合的觀察解決方案，有助於滿足和推動與資料中心和人工智慧熱潮相關的不斷增長的需求，這些熱潮在東南部和大西洋中部蓬勃發展美國的地區。

Our base case view suggests the proliferation of data centers along with growth in other electricity-intensive markets such as electric vehicles to drive an incremental 10 Bcf per day of natural gas demand by 2030. While there is a plausible upside case that could take this number up to 18 Bcf per day. This means growth in the power generation segment that exceed LNG exports as a bullish demand catalyst for the natural gas market this decade. And this structural baseload demand growth story resides at the doorstep of our asset base.

我們的基本案例觀點表明，資料中心的激增以及電動車等其他電力密集型市場的成長將推動到 2030 年天然氣需求每天增加 10 Bcf。 Bcf。這意味著發電領域的成長將超過液化天然氣出口，成為本十年天然氣市場看漲需求的催化劑。這種結構性基本負載需求成長的故事就位於我們資產基礎的門口。

Our 1.2 Bcf a day of capacity on MVP, along with the long-term firm sales arrangements we announced with investment-grade utilities last year, means EQT's low emissions natural gas will be a key facilitator of the data center build-out occurring in the Southeastern United States and will give us significant exposure to premium Transco Zones 4 and 5 price points.

我們的 MVP 每天 1.2 Bcf 的產能，以及我們去年宣布與投資級公用事業公司達成的長期固定銷售安排，意味著 EQT 的低排放天然氣將成為資料中心擴建的關鍵推動者。能夠大量接觸優質Transco 4 區和5 區價格點。

Due to the confluence of LNG facilities pulling gas South on Transco and power demand growth in the Southeast, we expect this region will become even more desirable than the Gulf Coast later this decade. As a result, we intend to pursue an expansion of MVP through additional compression to increase capacity from 2 to 2.5 Bcf per day, which will provide additional affordable, reliable and clean Appalachian natural gas to our downstream utility customers.

由於液化天然氣設施透過運輸公司向南輸送天然氣以及東南部電力需求的成長，我們預計該地區將在本十年稍後變得比墨西哥灣沿岸更受歡迎。因此，我們打算透過額外壓縮來擴大 MVP，將產能從每天 2 Bcf 增加到 2.5 Bcf，這將為我們的下游公用事業客戶提供更多負擔得起、可靠和清潔的阿巴拉契亞天然氣。

On top of the tremendous opportunity to service customers in the Southeast, where we already have first-mover advantage through our record-sized physical gas supply deals with utilities we announced last fall, EQT is ideally situated to meet significant growth in power demand within PJM as well. Our analysis suggests the combination of data center build-outs and additional coal retirements could generate up to 6 Bcf a day of incremental natural gas power demand in our own backyard by 2030.

除了為東南部客戶提供服務的巨大機會之外，我們透過去年秋天宣布的與公用事業公司達成的創紀錄規模的實體天然氣供應協議，已經在東南部地區擁有了先發優勢，EQT 非常適合滿足PJM內電力需求的顯著成長以及。我們的分析表明，到 2030 年，資料中心擴建和額外煤炭退役相結合，可以在我們自己的後院每天產生高達 6 Bcf 的增量天然氣電力需求。

Whether it's in the Southeast or at the doorstep of our asset base in Appalachia, EQT is well positioned to capture this thematic tailwind through our material inventory depth and integrated business model that will create a one-stop shop to provide clean, reliable and affordable natural gas that will be foundational to meeting America's power needs as we embark on what will be a transformational journey into the age of AI.

無論是在東南部還是在我們阿巴拉契亞資產基地的門口，殷拓都處於有利位置，可以透過我們的材料庫存深度和綜合業務模式來抓住這一主題順風，這將創建一個一站式商店，提供清潔、可靠且價格實惠的天然產品。

Turning briefly to first quarter results. The significant operational momentum we achieved last year has carried into 2024, which facilitated better-than-expected results across our drilling and completion teams in Q1. The continuation of highly efficient operational execution, along with strong well performance and lower-than-expected LOE, associated with our water infrastructure investments drove outperformance relative to consensus expectations across every major financial metric during the first quarter. We continue to find new innovative ways to push the envelope of what is possible and I want to thank our entire crew for their relentless pursuit of operational excellence.

簡要回顧第一季業績。我們去年取得的顯著營運動能延續至 2024 年，促使我們的鑽井和完井團隊在第一季取得了好於預期的業績。持續高效的營運執行，加上強勁的油井表現和低於預期的 LOE，與我們的水利基礎設施投資相關，推動第一季每項主要財務指標的業績均優於共識預期。我們不斷尋找新的創新方法來突破可能的極限，我要感謝我們全體員工對卓越營運的不懈追求。

Shifting gears. Last week, we announced an agreement with Equinor to sell a 40% undivided interest in our nonoperated natural gas assets in Northeast Pennsylvania. Consideration is comprised of $500 million of cash and upstream and midstream assets worth more than $600 million, implying EQT is receiving total value north of $1.1 billion in this transaction. For perspective, we attributed approximately $1.1 billion of value to 100% of the Northeast PA non-op assets when we originally acquired them as part of our Alta acquisition. And the assets have already generated free cash flow in excess of that amount in the past 2 years. So this transaction marks an incredibly successful outcome for shareholders and a strong start to our deleveraging plan.

換檔。上週，我們宣布與 Equinor 達成協議，出售我們位於賓州東北部的非營運天然氣資產 40% 的不可分割權益。對價包括 5 億美元現金以及價值超過 6 億美元的上游和中游資產，這意味著 EQT 在本次交易中獲得的總價值超過 11 億美元。從長遠來看，當我們最初作為收購 Alta 的一部分而收購 Northeast PA 非營運資產時，我們將其價值約 11 億美元歸因於 100%。而且這些資產在過去兩年中已經產生了超過這筆金額的自由現金流。因此，這項交易對股東來說標誌著一個令人難以置信的成功結果，也是我們去槓桿化計畫的良好開端。

The upstream assets we are receiving include approximately 26,000 net acres in Monroe County, Ohio, directly offsetting EQT-operated existing core acreage in West Virginia. We are also receiving an average working interest of 14% in more than 200 producing wells that EQT currently operates in Lycoming County, Pennsylvania, along with a 16.25% interest in the EQT-operated Seely and Warrensville gathering systems servicing this acreage. Following the closing of this transaction, EQT will own 100% of the Seely and Warrensville gathering systems which aligns with our strategy of lowering cost structure via vertical integration.

我們收到的上游資產包括俄亥俄州門羅縣約 26,000 淨英畝的土地，直接抵消了 EQT 在西維吉尼亞州運營的現有核心面積。我們還獲得了 EQT 目前在賓夕法尼亞州萊康明縣運營的 200 多口生產井中 14% 的平均工作權益，以及為該地區提供服務的 EQT 運營的 Seely 和 Warrensville 集油系統中 16.25% 的權益。本次交易完成後，殷拓將擁有 Seely 和 Warrensville 收集系統 100% 的股份，符合我們透過垂直整合降低成本結構的策略。

I'd also note, our teams have identified significant operational synergy potential across the operated assets as well as longer-term upside associated with the liquids-rich Marcellus in Monroe County.

我還想指出的是，我們的團隊已經確定了所營運資產的巨大營運協同潛力以及與門羅縣液體豐富的馬塞勒斯相關的長期上升空間。

The nonoperated assets we are selling have forecasted 2025 net production of approximately 225 million cubic feet per day, while the operated assets we are receiving have forecasted 2025 net production of approximately 150 million cubic feet per day. Comparing to $1.1 billion of total value to the 225 million cubic feet per day of total production we are selling, implies a roughly $4,900 per Mcf flowing production multiple. While looking at metrics using net divested production and comparing this to the $500 million of cash consideration equates to roughly $6,700 per flowing Mcfd production multiple.

我們正在出售的非營運資產預計 2025 年淨產量約為每天 2.25 億立方英尺，而我們正在接收的營運資產預計 2025 年淨產量約為每天 1.5 億立方英尺。與 11 億美元的總價值相比，我們每天銷售的總產量為 2.25 億立方英尺，這意味著每 Mcf 流動產量倍數約為 4,900 美元。使用淨剝離產量來查看指標，並將其與 5 億美元的現金對價進行比較，相當於每流動 Mcfd 產量倍數約為 6,700 美元。

We believe these attractive transaction metrics speak to the value of the high-quality natural gas assets, which are increasingly being coveted by international buyers looking to get exposure to the U.S. natural gas market. This transaction highlights that we are wasting no time, jump starting the deleveraging plan we laid out with the Equitrans announcement and creating additional shareholder value in the process.

我們相信這些有吸引力的交易指標說明了優質天然氣資產的價值，這些資產越來越受到希望進入美國天然氣市場的國際買家的垂涎。這項交易凸顯出我們正在抓緊時間，啟動我們在 Equitrans 公告中製定的去槓桿化計劃，並在此過程中創造額外的股東價值。

The sale of our remaining 60% interest in these nonoperated upstream assets and the option to monetize regulated or noncore midstream assets at Equitrans gives us tremendous confidence in our ability to achieve our debt repayment goals, and we look forward to updating the market as we make additional progress on this front.

出售這些非營運上游資產剩餘 60% 的權益，以及將 Equitrans 受監管或非核心中游資產貨幣化的選擇，讓我們對實現債務償還目標的能力充滿信心，我們期待更新市場這方面的進一步進展。

To sum up, first quarter results demonstrate a continuation of peak performance at EQT. Our announcement of the Equitrans acquisition is a once-in-a-lifetime opportunity to vertically integrate one of the highest quality natural gas resource bases in the world, creating a one-stop shop to provide natural gas that will meet the growing data center and power generation needs at the doorstep of our asset base. And our recent transaction with Equinor illuminates significant hidden value embedded in our nonoperated natural gas assets and gets us off to an extremely strong start towards achieving our deleveraging goals.

總而言之，第一季業績顯示殷拓繼續保持巔峰業績。我們宣布收購 Equitrans 是一個千載難逢的機會，可以垂直整合世界上最優質的天然氣資源基地之一，創建一站式服務來提供天然氣，以滿足不斷增長的數據中心和發電需求就在我們資產基礎的門口。我們最近與 Equinor 的交易揭示了我們非營運天然氣資產中蘊含的巨大隱藏價值，並為我們實現去槓桿化目標奠定了良好的開端。

I'll now turn the call over to Jeremy.

我現在將把電話轉給傑里米。

Thanks, Toby, and good morning, everyone. I'll start by summarizing our first quarter results beginning with sales volumes, which totaled 534 Bcfe. As previously announced, we curtailed 1 Bcf per day of gross production beginning in late February and through all of March in response to the low natural gas price environment resulting from warm winter weather.

謝謝托比，大家早安。我首先總結我們第一季的業績，從銷售量開始，總計 534 Bcfe。正如先前宣布的那樣，我們從 2 月下旬開始到整個 3 月每天削減 1 Bcf 的總產量，以應對溫暖的冬季天氣造成的低天然氣價格環境。

Along with nonoperated curtailments, we estimate the total impact was 30 to 35 Bcfe during the quarter. Thus, normalized for curtailments, first quarter production would have been toward the high end of our guidance range, underscoring strong operational efficiency and well performance during the quarter.

連同非營運性削減，我們估計本季的總影響為 30 至 35 Bcfe。因此，在削減正常化的情況下，第一季的產量將接近我們指導範圍的高端，突顯出該季度強勁的營運效率和良好的業績。

Despite the curtailments during the quarter, our per unit operating costs still came in at the midpoint of our guidance range at $1.36 per Mcfe. A significant contributor to this was the outperformance on LOE, which came in below the low end of our guidance range. This LOE beat represents a continuation of the trend of LOE outperformance we highlighted throughout 2023, as our strategic investments in water infrastructure continue to drive tangible cost structure reductions.

儘管本季進行了削減，但我們的單位營運成本仍處於指導範圍的中點，即每 Mcfe 1.36 美元。造成這種情況的一個重要因素是 LOE 的優異表現，它低於我們指導範圍的下限。這一 LOE 表現代表了我們在 2023 年強調的 LOE 優異表現趨勢的延續，因為我們對水基礎設施的策略投資繼續推動有形成本結構的降低。

Turning to the balance sheet. Recall, we retired all of our outstanding convertible notes, which eliminated $400 million of absolute debt over the past 2 quarters. We also liquidated the capped call that we had purchased in conjunction with issuing the convertible notes for cash proceeds of $93 million. Additionally, we issued a $750 million 10-year bond and use the proceeds to reduce our term loan balance from $1.25 billion to $500 million, while extending the maturity by 12 months to June 2026.

轉向資產負債表。回想一下，我們註銷了所有未償還的可轉換票據，這在過去兩個季度消除了 4 億美元的絕對債務。我們也清算了與發行可轉換票據同時購買的上限看漲期權，以獲得 9,300 萬美元的現金收益。此外，我們還發行了 7.5 億美元的 10 年期債券，並利用所得款項將定期貸款餘額從 12.5 億美元減少到 5 億美元，同時將期限延長 12 個月至 2026 年 6 月。

We exited the first quarter with total debt of approximately $5.5 billion and roughly $650 million of cash on the balance sheet, leaving a net debt position of approximately $4.9 billion at the end of the quarter, down from $5.7 billion at the end of 2023.

第一季結束時，我們的資產負債表上的總債務約為 55 億美元，現金約為 6.5 億美元，季末的淨負債部位約為 49 億美元，低於 2023 年末的 57 億美元。

Subsequent to quarter end, we used $205 million of our cash balance to fund the previously announced buyout of a minority equity partner in EQT-operated gathering systems in Lycoming County, Pennsylvania, which closed earlier this month. This acquisition is expected to add approximately $30 million to our 2025 free cash flow outlook, highlighting an attractive free cash flow yield on assets that are annuity-like and have near zero execution risk due to EQT's existing operatorship of both upstream development and the midstream system.

季度末後，我們使用 2.05 億美元現金餘額為先前宣布的對賓夕法尼亞州萊康明縣 EQT 運營的收集系統少數股權合作夥伴的收購提供資金，該收購於本月初完成。此次收購預計將為我們的2025 年自由現金流前景增加約3,000 萬美元，突顯類似年金的資產具有有吸引力的自由現金流收益率，並且由於殷拓現有上游開發和中游系統的營運權，執行風險接近零。

We intend to apply the remainder of our cash balance, along with the $500 million of cash proceeds from the Equinor deal towards debt reduction, which will allow us to make swift and significant progress toward the deleveraging goals that we laid out with the Equitrans announcement.

我們打算將剩餘的現金餘額以及 Equinor 交易中的 5 億美元現金收益用於減少債務，這將使我們能夠在實現 Equitrans 公告中製定的去槓桿化目標方面取得迅速而重大的進展。

We also recently added to our Q4 2024 and first half 2025 hedge book to further derisk our deleveraging plans. We are now between 40% and 50% hedged for the remainder of 2024, with an average floor price of approximately $3.40 per MMBtu. We are also approximately 40% hedged in Q1 and Q2 of 2025, with average floor prices ranging from roughly $3.05 to $3.30 per MMBtu.

我們最近也增加了 2024 年第四季和 2025 年上半年的對沖帳簿，以進一步降低我們的去槓桿計畫的風險。目前，我們在 2024 年剩餘時間內進行了 40% 至 50% 的對沖，平均底價約為每 MMBtu 3.40 美元。我們還在 2025 年第一季和第二季進行了約 40% 的對沖，平均底價約為每 MMBtu 3.05 美元至 3.30 美元。

Upon closing the Equitrans acquisition and achieving our debt targets, we anticipate limiting defensive programmatic hedging to less than 20% of our production in a given year. Going forward, our $2 Henry Hub free cash flow breakeven price provides a structural hedge as the Equitrans acquisition strips out the operating leverage from our business, limiting our need to financially hedge. This unique dynamic provides EQT's investors differentiated upside torque to natural gas prices and peer-leading downside protection simultaneously.

在完成 Equitrans 收購併實現我們的債務目標後，我們預計將防禦性程序性對沖限制在某一年產量的 20% 以下。展望未來，我們的 2 美元亨利中心自由現金流盈虧平衡價格提供了結構性對沖，因為 Equitrans 收購消除了我們業務的營運槓桿，限制了我們進行財務對沖的需要。這種獨特的動態為殷拓投資者提供了差異化的天然氣價格上行扭矩，同時提供了同行領先的下行保護。

Turning to the 2024 outlook, we issued second quarter guidance and updated our full year production outlook to reflect voluntary production curtailments in response to the current low natural gas price environment. Our second quarter production outlook and per unit metrics embed the expectation that we will continue to curtail 1 Bcf per day of gross operated production through the end of May.

談到 2024 年展望，我們發布了第二季度指引，並更新了全年產量展望，以反映為應對當前天然氣價格低迷環境而自願減產的情況。我們第二季的產量展望和單位指標包含這樣的預期：到 5 月底，我們將繼續削減每天 1 Bcf 的總營運產量。

Our updated full year production guidance also captures this assumption and embeds additional optionality for further curtailments this fall should natural gas prices remain low. We believe our strategy of near-term curtailments while maintaining steady operations is the right approach to this market for EQT, in contrast to high-cost producers who need to cut activity to reduce CapEx in hopes of remaining free cash flow positive.

我們更新後的全年產量指引也反映了這一假設，並在天然氣價格保持低位的情況下，在今年秋季進一步減產提供了額外的選擇。我們認為，我們在保持穩定營運的同時進行短期減產的策略是殷拓進入該市場的正確方法，而高成本生產商則需要削減活動以減少資本支出，以期保持自由現金流為正。

It is also important to remember that production is fungible between old wells and new wells, so it makes little sense to defer new well TILs versus simply turning off production today. Our production today is a product of our investments in the last 2 to 3 years. And our CapEx investments today have little impact on the volume this year, but rather drive volumes in 2025 and 2026, when the futures market suggests gas prices will be higher than they are today.

同樣重要的是要記住，舊井和新井之間的生產是可以互換的，因此推遲新井 TIL 與今天簡單地關閉生產相比沒有什麼意義。我們今天的生產是我們過去兩到三年投資的產物。我們今天的資本支出投資對今年的銷量影響不大，但將推動 2025 年和 2026 年的銷量，屆時期貨市場表明天然氣價格將高於今天。

EQT is positioned to take this approach as a result of our low-cost structure and strong balance sheet. And this is a good reminder of why we refer to a low-cost structure as our strategic north star. We also embedded a June startup for MVP and our updated outlook on the heels of Equitrans' filing for in service with the FERC this week. This represents a meaningful milestone as MVPs in service is a contractual condition precedent to closing the Equitrans acquisition and will finally allow EQT to provide much-needed natural gas to consumers in the Southeast region to meet growing power demand, displace coal and improve grid reliability.

由於我們的低成本結構和強大的資產負債表，殷拓有能力採取這種方法。這很好地提醒我們為什麼我們將低成本結構稱為我們的戰略北極星。本週 Equitrans 向 FERC 提交服務申請後，我們也嵌入了 MVP 的 6 月啟動計畫和更新的展望。這是一個有意義的里程碑，因為服務中的MVP 是完成Equitrans 收購的先決條件，並將最終使EQT 能夠向東南部地區的消費者提供急需的天然氣，以滿足不斷增長的電力需求，取代煤炭並提高電網可靠性。

As Toby mentioned, upon closing of the Equitrans acquisition, we intend to pursue expanding MVP from 2 Bcf per day to 2.5 Bcf per day to meet additional demand growth expected in the Southeast region. This expansion will be achieved through the addition of compression to the existing pipe rather than laying new steel and thus has a low execution and regulatory risk profile and high returns, with an estimated build multiple of just 4 to 5x EBITDA.

正如 Toby 所提到的，在 Equitrans 收購完成後，我們打算將 MVP 從每天 2 Bcf 擴大到每天 2.5 Bcf，以滿足東南地區預期的額外需求成長。此次擴建將透過對現有管道進行壓縮而不是鋪設新鋼材來實現，因此執行和監管風險較低，回報較高，預計建設倍數僅為 4 至 5 倍 EBITDA。

Turning to Slide 7 of our investor presentation, we provided more granular details on how the Equitrans transaction is expected to impact EQT's pro forma cost structure. While we are still working through some of the nuances of exactly how the transaction will be accounted for in our financial statements, this cost walk should give investors a good framework for thinking about the pro forma impacts of the transaction.

轉向我們投資者簡報的幻燈片 7，我們提供了有關 Equitrans 交易預計將如何影響 EQT 預估成本結構的更詳細資訊。雖然我們仍在研究如何在財務報表中準確核算交易的一些細微差別，但這種成本分析應該為投資者提供一個良好的框架來思考交易的預期影響。

In summary, we expect the transaction to drive a pro forma unlevered cost structure improvement of approximately $0.50 per Mcfe. Base synergies equate to approximately $0.12 per Mcfe and upside synergies provide a further $0.08 improvement. So the cost structure benefits to EQT from the Equitrans deal could total approximately $0.70 per Mcfe over time. That is a monumental impact.

總之，我們預計此交易將推動每 Mcfe 預計無槓桿成本結構改善約 0.50 美元。基本綜效相當於每 Mcfe 約 0.12 美元，而上行綜效可進一步提高 0.08 美元。因此，隨著時間的推移，EQT 從 Equitrans 交易中獲得的成本結構收益總計約為每 Mcfe 0.70 美元。這是一個巨大的影響。

The advantage arising from this cost structure improvement is evident on Slide 10 of our investor deck, where we show cumulative 2025 to 2029 free cash flow for pro forma EQT and natural gas peers at gas prices ranging from $2.75 to $5 per MMBtu. EQT's pro forma free cash flow durability is peer leading at $2.75 natural gas prices as we project approximately $8 billion of cumulative free cash flow versus most peers to our free cash flow negative at this price deck.

這種成本結構改善帶來的優勢在我們投資者平台的幻燈片10 中顯而易見，其中我們顯示了預計EQT 和天然氣同行的2025 年至2029 年累計自由現金流，天然氣價格為每MMBtu 2.75 美元至5美元。 EQT 的預期自由現金流耐久性在 2.75 美元的天然氣價格下處於同行領先地位，因為我們預計累計自由現金流約為 80 億美元，而大多數同行在這個價格平台上的自由現金流為負值。

At the same time, free cash flow and an upside price environment, pro forma cumulative free cash flow generation of a staggering $26 billion. And importantly, most peers will actually have much less upside than shown here as they are likely to defensively and programmatically hedge away much of the commodity price upside to protect the downside risk resulting from high operating leverage.

同時，在自由現金流和價格上漲的環境下，預計累計自由現金流將達到驚人的 260 億美元。重要的是，大多數同行實際上的上行空間比此處顯示的要小得多，因為他們可能會採取防禦性和程序化的方式對沖大宗商品價格的大部分上行空間，以保護高運營槓桿帶來的下行風險。

This underscores how the Equitrans acquisition drives free cash flow durability and down cycles while unlocking the ability to capture asymmetric upside in high-priced environments, given limited financial hedging needs. I want to close by sharing a few observations from the more than 100 meetings we've had with EQT and Equitrans shareholders in the wake of our acquisition announcement.

這凸顯了 Equitrans 的收購如何推動自由現金流的持久性和下行週期，同時在金融對沖需求有限的情況下，釋放在高價環境中捕捉不對稱上行空間的能力。在我們宣布收購之後，我想分享我們與 EQT 和 Equitrans 股東舉行的 100 多次會議中的一些觀察。

While we have already experienced a high grading of our shareholder base over the past several years, the Equitrans transaction has further accelerated this trend as the merits of pairing the characteristics of a major integrated company with the superior long-term demand profile of natural gas is resonating extremely well. And we have been encouraged by the near unanimous support for the transaction from some of the world's largest, most thoughtful long-term fund managers, including shareholders of Equitrans who have expressed excitement in owning significant stakes in the new EQT.

雖然過去幾年我們的股東基礎已經得到了高度評價，但 Equitrans 交易進一步加速了這一趨勢，因為將大型綜合公司的特點與天然氣優越的長期需求狀況相結合的優點是共鳴非常好。一些全球最大、最有思想的長期基金經理對此次交易幾乎一致支持，這讓我們深受鼓舞，其中包括 Equitrans 的股東，他們對擁有新 EQT 的大量股份表示興奮。

We think our easy-to-own business model will be increasingly coveted by long-term coffee can style investors who are structurally bullish natural gas long term. and we look forward to demonstrating this differentiated value proposition for shareholders as we navigate the volatile world ahead.

我們認為，我們易於擁有的商業模式將越來越受到長期結構性看好天然氣的長期咖啡罐風格投資者的青睞。我們期待在未來動盪的世界中為股東展示這種差異化的價值主張。

And with that, we'd now like to open up the call to questions.

至此，我們現在開始提問。

(Operator Instructions) Your first question comes from the line of Neil Mehta with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的尼爾·梅塔（Neil Mehta）。

This is Ati on for Neil. Guys, I'd be curious on the nonoperated asset sales in the pipeline, how are you thinking about the portion that's remaining? How the conversations are going with potential buyers? And what should we expect in terms of the structure of those deals? Should it be similar to what you've announced? Or is it going to be a little bit more cash oriented?

這是尼爾的阿蒂。夥計們，我對管道中的非營運資產銷售感到好奇，您如何看待剩餘的部分？與潛在買家的對話進展如何？對於這些交易的結構，我們該期待什麼？它應該與您宣布的類似嗎？還是會更重視現金？

Yes. So we're continuing to have some really constructive conversations there and have a lot of great momentum. And I think what we're seeing is the announcement of the deal with Equinor a couple of weeks ago is actually really catalyzing those to move forward even more swiftly. So we have a ton of confidence in getting that done and a lot of great dialogue that's ongoing.

是的。因此，我們將繼續在那裡進行一些真正有建設性的對話，並且勢頭強勁。我認為我們所看到的是幾週前宣布的與 Equinor 的交易實際上確實促進了這些項目更快地向前推進。因此，我們對完成這項工作充滿信心，並且正在進行大量精彩的對話。

Look, I think the deal with Equinor was a little bit unique because they had other strategic objectives in their exit from U.S. onshore. That's why we structured that deal the way we did, but I'd anticipate the remaining sale of that interest to be in the -- in cash consideration as opposed to a more complex kind of mix of assets and cash.

看，我認為與 Equinor 的交易有點獨特，因為他們退出美國陸上業務還有其他戰略目標。這就是為什麼我們按照我們的方式建立了該交易，但我預計該權益的剩餘出售將以現金形式進行，而不是更複雜的資產和現金組合。

Got it. Appreciate that. And then as you think about the supply/demand macro for natural gas in the U.S. right now, you did mention that you will extend the cuts. How are you seeing the response -- the production response that you're seeing from the latest numbers? Is that -- is there an element of sufficiency there? Do you think there's additional cuts required? And how should we think about your philosophy as you think of bringing the cadence back online?

知道了。感謝。然後，當您考慮目前美國天然氣的供需宏觀情況時，您確實提到將延長減產。您如何看待反應—您從最新數據中看到的生產反應？那是──那裡有充分的要素嗎？您認為還需要進一步削減嗎？當您考慮將節奏帶回線上時，我們應該如何思考您的理念？

Yes. We think that you're going to continue to see cuts and discipline from other operators. But I think a lot of eyeballs are focused on what's going to happen with some weather with a normal summer, that could bring the -- that could tighten up some of the storage overhang we have. And then also these low gas prices are going to encourage more power demand. So I mean, we think there's a couple of catalysts here. But in the meantime, until those hit, I think you could continue to see more patience from operators.

是的。我們認為您將繼續看到其他運營商的裁員和紀律處分。但我認為很多人的注意力都集中在正常夏季的某些天氣情況下會發生什麼，這可能會導致我們的一些儲存過剩。此外，較低的天然氣價格也將刺激更多的電力需求。所以我的意思是，我們認為這裡有幾個催化劑。但同時，在這些打擊到來之前，我認為您可以繼續看到營運商更加耐心。

Yes. At a high level, when you think about the macro outlook, you added about 400 Bcf a day into storage in excess from the winter weather, then another 200 on top of that from production being higher than we all forecasted. So you have an overhang of about 600 Bcf that has to get worked out by, call it, October. And that will happen -- the market mechanism forces that to happen both through curtailments to limitations in supply but also increases in demand from coal to gas switching. And as Toby said, certainly constructive summer weather can give that a boost as well. But look, I think to maintain that market rebalance through the summer, you probably maintain low prices. It probably can't rise all that much. But once you get through that October period, you see the inflection of LNG demand really start to pick up. We think that market starts to change pretty swiftly.

是的。從高水平來看，當你考慮宏觀前景時，你每天會因冬季天氣而額外增加約 400 Bcf 的存儲量，然後由於產量高於我們的預測而另外增加 200 Bcf。因此，您有大約 600 Bcf 的過剩量，必須在 10 月之前解決。這種情況將會發生——市場機制迫使這種情況發生，既透過減少供應限制，又透過增加煤炭轉換為天然氣的需求來實現。正如托比所說，建設性的夏季天氣當然也能促進這一點。但你看，我認為為了在整個夏季維持市場再平衡，你可能會維持低價。大概不可能漲那麼多。但一旦過了 10 月份，您就會發現液化天然氣需求的變化確實開始回升。我們認為市場開始迅速變化。

Your next question comes from Arun Jayaram with JPMorgan.

您的下一個問題來自摩根大通的 Arun Jayaram。

Gentlemen, I wanted to get your thoughts on, obviously, the data center demand, you highlighted in your deck how you think that this could create kind of a premium opportunity for gas that's sold on the Transco Zones 4 and 5 South lines. I was wondering if you could give us just your general thoughts on how differentials may play out in the Appalachia Basin over time and specifically highlight your leverage to these 2 zones?

先生們，顯然，我想了解您對資料中心需求的看法，您在演講中強調了您認為這可以為 Transco 4 區和 5 區南線銷售的天然氣創造一種優質機會。我想知道您是否可以向我們提供您對阿巴拉契亞盆地差異隨著時間的推移如何發揮作用的一般看法，並特別強調您對這兩個區域的影響力？

Yes, Arun. So look, I'd start with going back to those physical gas sales deals that we announced in Q3, Q4 last year. And if you look at the way that was structured, we tranche that out across those markets. And so those were sold in tranches ranging from M2 plus $1.15, all the way up to Henry Hub plus $0.50, right? So we gave you guys the blended pricing for how that impacts the company. But to us, that sort of keyed us off to a lot of the demand and the tailwinds that are really coming that the utilities are seeing. And effectively, the premium being paid is to lock in reliability of supply. And so I think that's a good proxy for where that market moves in time. And if you think about what's happening between just electrification of everything, now adding data centers into that and think about the way the Transco pipeline, where it supplies gaps across the country, you're going to see the LNG facilities pull gas south on that pipeline and create an even bigger deficit in that Southeast market.

是的，阿倫。所以，我先回顧我們去年第三季、第四季宣布的那些實體天然氣銷售交易。如果你看看其結構方式，我們會在這些市場中進行分攤。所以這些都是分批出售的，從 M2 加 1.15 美元，一直到 Henry Hub 加 0.50 美元，對嗎？因此，我們為大家提供了混合定價，以了解這對公司的影響。但對我們來說，這讓我們對公用事業公司所看到的大量需求和真正即將到來的順風車失去了興趣。實際上，支付的溢價是為了鎖定供應的可靠性。所以我認為這是市場及時變化的一個很好的指標。如果你想想一切電氣化之間發生的事情，現在添加數據中心，並想想 Transco 管道的方式，它在全國範圍內供應缺口，你會看到液化天然氣設施將天然氣輸送到南方管道並在東南市場造成更大的赤字。

So we think that market really in time becomes the most premium market in the country because you have a combination of LNG pulling gas away, and a deeper deficit from all these other factors we're talking about, whether it's retirement of coal, whether it's data center growth. And so that's why the utilities, I think, are willing to pay the prices that they did to lock up reliable gas supply. That's the reason we're so excited about expanding MVP and adding additional capacity because we think -- I mean, there's a big demand sync being created in that market from both themes but it's really the confluence of both of those big demand themes that's going to drive that market where it is. That's why we're so excited about MVP and also where our asset sits adjacent to that market.

因此，我們認為，這個市場確實及時成為了該國最優質的市場，因為液化天然氣將天然氣帶走，而且我們正在討論的所有其他因素導致了更深的赤字，無論是煤炭的退役，還是數據中心的增長。因此，我認為，這就是為什麼公用事業公司願意付出高昂的價格來鎖定可靠的天然氣供應。這就是我們對擴展MVP 和增加額外容量感到如此興奮的原因，因為我們認為- 我的意思是，兩個主題在該市場中創造了巨大的需求同步，但實際上這兩個大需求主題的融合正在發生推動該市場的發展。這就是為什麼我們對 MVP 以及我們的資產與該市場相鄰的位置如此興奮。

And just I have a follow-up. We had been liaising with a couple of utilities and they mentioned how Governor Shapiro in Pennsylvania was somewhat focused on trying to keep grow demand within the state. And so I just wondered, Toby, give your perspective on some of the thoughts because Pennsylvania, as you know, exports electricity and gas, thoughts about some of that data center demand coming within the state of Pennsylvania as well as any latest views on East Coast LNG.

我有一個後續行動。我們一直在與幾家公用事業公司聯絡，他們提到賓州州長夏皮羅在某種程度上專注於努力維持該州內的需求成長。所以我只是想知道，托比，請給出您對一些想法的看法，因為正如您所知，賓夕法尼亞州出口電力和天然氣，對賓夕法尼亞州內的一些數據中心需求的想法以及對東部的任何最新看法海岸液化天然氣。

Yes, we were certainly encouraged to hear Governor Shapiro's comments about natural gas, both on increasing potential for power demand, but also in his comments about the LNG pause and advising President Biden that this LNG pause is a bad idea. I think Governor Shapiro understands that the people of Pennsylvania understand that natural gas is the economic engine that's powering the economy here in Pennsylvania and understands that natural gas is the key to decarbonizing, not only our own grids in the U.S., which Pennsylvania is the poster child for how impactful you can be lowering emissions when you replace coal with gas, but also understanding how we can do that on the world stage.

是的，我們當然很高興聽到夏皮羅州長關於天然氣的評論，不僅是關於增加電力需求的潛力，而且是關於暫停液化天然氣的評論，並建議拜登總統暫停液化天然氣是一個壞主意。我認為夏皮羅州長了解賓州人民了解天然氣是為賓州經濟提供動力的經濟引擎，並且了解天然氣是脫碳的關鍵，而不僅僅是我們自己的美國電網（賓州是海報）孩子們，了解當用天然氣取代煤炭時，您可以對降低排放產生多大的影響，同時也了解我們如何在世界舞台上做到這一點。

People need to recognize -- I think a lot of people don't understand how much power Pennsylvania actually generates. And with the lowest cost, cleanest source of natural gas in the country being located in Pennsylvania, we have an opportunity to really think about expanding electricity exports to other states. And listen, look at what's happening in the Northeast part of this country, a lot of them put a lot of eggs in the offshore wind basket, and we consistently see offshore wind get knocked down, have projects get pulled. What's going to replace that? The sure thing, the thing that's always been there, natural gas demand, and we have an opportunity here that we are pushing to make sure natural gas can continue to give Americans affordable, reliable clean energy.

人們需要認識到——我認為很多人不了解賓州實際上產生了多少電力。由於全國成本最低、最乾淨的天然氣來源位於賓州，我們有機會真正考慮擴大對其他州的電力出口。聽著，看看這個國家的東北部正在發生的事情，他們中的許多人在海上風電籃子裡放了很多雞蛋，我們不斷地看到海上風電被擊倒，項目被取消。什麼將取代它？可以肯定的是，天然氣需求一直存在，我們在這裡有一個機會，我們正在推動確保天然氣能夠繼續為美國人提供負擔得起的、可靠的清潔能源。

Your next question comes from Jacob Roberts with TPH & Company.

您的下一個問題來自 TPH & Company 的 Jacob Roberts。

Just looking at the second quarter production guide, I apologize if I missed it, but can you help quantify the impact of the non-op side of things on the curtailments and TIL deferrals, please?

只是看一下第二季的生產指南，如果我錯過了，我很抱歉，但是您能幫助量化非營運方面對削減和 TIL 延期的影響嗎？

Are you talking about from the sale or which you're talking about specifically?

您是在談論銷售還是在具體談論？

I believe the guide includes the 1 Bcf a day from your side and then also note some non-op TIL deferrals and curtailments as well. So I was just wondering on that on non-op side of things.

我相信該指南包括您每天 1 Bcf，然後也注意到一些非操作 TIL 延期和削減。所以我只是想知道事情的非操作方面。

Yes. So net to the non-op interest, what's baked in there is about 10 to 15 Bs and the rest of it is operated deferrals that we -- are direct impact of our decisions.

是的。因此，扣除非操作利息後，大約有 10 到 15 個 B，其餘部分是我們的決策的直接影響的操作延期。

Okay. Great. And then the second question, I think our work would help us agreeing with you on the outlook on the Southeast and Mid-Atlantic demand growth as we progressed through the decade. Just wanted to get your views on the potential to send more gas that way beyond MVP and the expansion? And maybe related to that, how should we think about third-party volumes on MVP over time?

好的。偉大的。然後是第二個問題，我認為我們的工作將有助於我們就這十年來東南部和大西洋中部需求成長的前景達成一致。只是想聽聽您對 MVP 和擴展之外發送更多 Gas 的潛力有何看法？也許與此相關的是，隨著時間的推移，我們應該如何考慮 MVP 的第三方數量？

Yes. So I think what's unique about MVP is that it is a -- it's a pipe where EQT owns 60% of the capacity today. And we are the only producer shipper on that pipe. So there's no other producers who actually can access that market through MVP. The other 40% are held by utilities on the other end. And so I think we are very uniquely positioned in that sense. The expansion will be part of a FERC open season. So who ends up with that capacity just under that regulated process. But it's certainly something that we think we are positioned to benefit from either way. I mean there's value to be created through the expansion. There's value to be added for the utilities by supplying them new gas in that end market. I mean we're all aligned and wanting to have that happen. Even if we are not the ones to take the capacity out, not win that auction, I think we benefit either way, we get to sell more gas where producers collectively in Appalachia get to sell more gas to the utilities on the other end of that pipe. So it's -- no matter how you look at it, I think, a big net benefit to EQT.

是的。所以我認為 MVP 的獨特之處在於它是一個 EQT 目前擁有 60% 容量的管道。我們是該管道上唯一的生產商和運輸商。因此，沒有其他生產商能夠真正透過 MVP 進入該市場。另外 40% 由另一端的公用事業公司持有。因此，我認為從這個意義上來說，我們的定位非常獨特。此次擴建將是 FERC 開放季的一部分。那麼誰最終在受監管的流程下獲得了這種能力。但我們認為，無論哪種方式，我們都可以從中受益。我的意思是透過擴張可以創造價值。透過在終端市場向公用事業公司提供新天然氣，可以為他們增加價值。我的意思是我們都一致並且希望實現這一點。即使我們不是那些拿出產能的人，也不是贏得拍賣的人，我認為無論怎樣我們都會受益，我們可以出售更多的天然氣，而阿巴拉契亞的生產商可以向另一端的公用事業公司出售更多的天然氣管道。所以我認為，無論你如何看待，這對殷拓來說都是一個巨大的淨收益。

Your next question comes from Michael Scialla with Stephens.

你的下一個問題來自邁克爾·夏拉和史蒂芬斯。

I want to see a little bit more detail on your curtailments in terms of price level you would need to see before you change your decision there on the Bcf per day of curtailments.

我想了解有關您的削減的更多詳細信息，即在您更改每日 Bcf 削減決定之前需要了解的價格水平。

Yes. At a high level, we think about it as cash cost plus F&D costs. We do want to recover the sunk cost of drilling the well. So that's why we think about it like that. So I mean you -- I mean it depends on the area, but call it around $1.50 in basin.

是的。在較高層面上，我們將其視為現金成本加上研發成本。我們確實想收回鑽井的沉沒成本。所以這就是我們這樣思考的原因。所以我的意思是你——我的意思是這取決於地區，但稱之為盆地 1.50 美元左右。

Okay. And Jeremy, so say you -- it sounds like you expect a pretty good step up in price when you get to sort of the October time frame. If you were to see that $1.50 price persists through the summer before you see that step up, would that suggest you're going to likely extend those curtailments through the summer?

好的。傑里米（Jeremy），您這麼說 - 聽起來您預計在 10 月份的時間範圍內價格會大幅上漲。如果您看到 1.50 美元的價格在您看到這一提升之前一直持續整個夏天，這是否表明您可能會將這些限電措施延長到整個夏天？

I mean, look, we'll always do what's best to create long-term value. So look, we're always watching the market. There's always events that happen that we will change our decisions if the facts change. So it depends. But what we've mapped out right now is our current expectation.

我的意思是，你看，我們將始終盡最大努力創造長期價值。所以看，我們一直在關注市場。總是會有一些事件發生，如果事實發生變化，我們就會改變我們的決定。所以這取決於。但我們現在製定的只是我們當前的期望。

Got you. And then just want to follow up on MVP. You talked about the demand growth you see in the Southeast U.S. and your plans to expand the pipeline, so a lot of focus on the integrated upstream, midstream model for you in your lower cost structure. How do you think about that with your divestiture plan and your potential to lay off, so I'm interested in that pipeline. Is it important to maintain control there? Or could you sell off all your interest there? I guess, just how you're thinking about marrying those 2 things?

明白你了。然後只想跟進 MVP。您談到了美國東南部的需求成長以及擴大管道的計劃，因此在較低的成本結構中專注於整合的上游、中游模型。你如何看待你的剝離計劃和裁員的可能性，所以我對這個管道很感興趣。保持控制很重要嗎？或者你可以賣掉那裡的所有權益嗎？我想，你是如何考慮與這兩件事結婚的？

Yes. So we have a tremendous amount of optionality, first of all. If you think about -- I mean, look, I think if you back in, first of all, the non-op asset sales side, the $1.1 billion value level that we called out for what we did with Equinor, if you gross that up, that implies about $2.75 billion to that whole package, right? So if the rest of it is a cash sale, you end up with, call it, $2 billion to $2.5 billion of cash coming in the door from that side, right? That's already, call it, 2/3 of the $3.5 billion asset sale target we talked about a month or 2 ago when we announced the Equitrans deal. So we don't have to really divest a lot or many assets on the Equitrans side if we don't want to. So again, it gives us a lot of optionality.

是的。因此，首先，我們有大量的選擇餘地。如果你想想——我的意思是，你看，我想如果你先回到非營運資產銷售方面，我們為 Equinor 所做的事情所呼籲的 11 億美元的價值水平，如果你總計這個數字向上，這意味著整個一攬子計劃約為27.5 億美元，對嗎？因此，如果其餘部分是現金出售，那麼您最終會從那邊收到 20 億至 25 億美元的現金，對吧？這已經是我們一兩個月前宣布 Equitrans 交易時談到的 35 億美元資產出售目標的 2/3。因此，如果我們不願意，我們不必真正剝離 Equitrans 方面的大量資產。再說一次，它給了我們很多選擇。

If you think about some of the other deals done in the market like in the regulated space recently, TC Energy did a pretty interesting deal with GIP. It was a deal done for assets, not as high quality as MVP at like 11x EBITDA. BlackRock did a deal with Portland Gas recently also about 11x EBITDA. Again, not as good of a quality asset as MVP. And when you think about just the regulated assets overall in Equitrans, it's call it a $7 billion bucket of value. We could sell off some of those, we could sell off a minority interest, maintain control, maintain operatorship. There's a lot of different ways to structure it. And that is something we're working through right now. But I think our confidence level in getting something done that maintains optionality both near term and long term while still ensuring we delever the balance sheet rapidly in a really efficient way is very, very high.

如果你考慮市場上最近完成的一些其他交易，例如最近在監管領域，TC Energy 與 GIP 做了一筆非常有趣的交易。這是一筆資產交易，品質不如 MVP，EBITDA 約為 11 倍。貝萊德最近與波特蘭天然氣公司達成了一項約 11 倍 EBITDA 的交易。再次強調，它的優質資產不如 MVP。當你考慮 Equitrans 的整體受監管資產時，你會發現它的價值高達 70 億美元。我們可以出售其中一些，我們可以出售少數股權，保持控制權，保持經營權。有很多不同的方法來建構它。這就是我們現在正在努力解決的問題。但我認為，我們對完成一些既保持短期和長期的選擇性又同時仍確保我們以真正有效的方式快速去槓桿化的事情的信心非常非常高。

(Operator Instructions) Your next question comes from Bert Donnes with Truist Securities.

（操作員指示）您的下一個問題來自 Truist Securities 的 Bert Donnes。

Just had a question on the potential divestitures. As you reduce debt, how price sensitive are you? Is this kind of a highest bidder wins? Or is this, say, hey, if the bids aren't up to your expectations, you just kind of walk away?

只是對潛在的資產剝離有疑問。當您減少債務時，您對價格的敏感度如何？這種是價高者得嗎？或者說，嘿，如果出價沒有達到您的預期，您就會走開？

Yes. As Jeremy mentioned, I mean, we have a ton of optionality and that means we're going to continue to be really value focused on these things. So while there's certainly -- there's a lot of interest here, which gives us a lot of confidence in completing this plan. I think you look at the Equinor transaction, we're going to be getting some pretty good values for these assets.

是的。正如傑里米所提到的，我的意思是，我們有大量的選擇，這意味著我們將繼續真正關注這些事情的價值。因此，雖然肯定有很多人對此感興趣，這讓我們對完成這個計劃充滿信心。我想你看看 Equinor 的交易，我們將為這些資產獲得一些相當不錯的價值。

Yes. If you step back and think about the time line, the rating agency guided us towards, it's, call it, 12 to 18 months post-closing. We have guided closing to be probably a Q4 event. So we think about it as like we need to get through the deleveraging plan by the end of 2025, right? I think most of us expect the market for gas in 2025 to be a lot more robust than it is today, so because we're taking an opportunistic approach. We have good momentum right now. I feel very good that we get things done near term at very attractive values. But if we -- if something happens, and we decide, hey, let's be a little more patient, wait 6 months, wait 9 months, there's no issue doing that to make sure we maximize value.

是的。如果您退後一步思考一下時間線，評級機構會指導我們，即交割後 12 至 18 個月。我們預計交割可能是第四季的事件。所以我們認為我們需要在2025年底前完成去槓桿計劃，對嗎？我認為我們大多數人預計 2025 年天然氣市場將比現在更加強勁，因為我們採取了機會主義的方法。我們現在勢頭良好。我感覺非常好，我們在短期內以非常有吸引力的價值完成了任務。但如果我們——如果發生了什麼事，我們決定，嘿，讓我們多一點耐心，等 6 個月，等 9 個月，這樣做可以確保我們價值最大化，這是沒有問題的。

That makes sense. And then switching to the LNG agreement you announced. I just wanted to make sure I understood the strategy right. This puts you at 45% of kind of your Gulf Coast exposure. Are you approaching the limit? Or is maybe there some understanding that, hey, you could go to 75% or so if you in the future plan to add some volumes that maybe had Gulf Coast exposure through a bolt-on or something like that? Or is there some number you guys have in your head where you kind of call it off or is 100% fine?

這就說得通了。然後轉向您宣布的液化天然氣協議。我只是想確保我正確理解了這個策略。這使您的墨西哥灣沿岸風險敞口為 45%。你正在接近極限嗎？或者也許有人認為，嘿，如果您將來計劃增加一些可能透過螺栓固定或類似方式暴露在墨西哥灣沿岸的體積，您可以達到 75% 左右？或者你們腦子裡是否有一些數字可以讓你們取消或 100% 沒問題？

Yes. I think stepping back at a very high level, just from a market diversification perspective, we sort of soft circled around 10% of our volumes being exposed to international pricing, feels about right. And depending on the discussions with end buyers, we could toggle that number up or down. Where we're at right now, we've got about 10% of our numbers here. But keep in mind, these agreements are nonbinding, and there's some work to do to get the terms that allow us to achieve our objectives. So we have that level here, but maybe not all of those agreements will make it to the finish line, but we've got a lot of optionality, give us the ability to make sure we get the terms that we need.

是的。我認為，退一步來說，僅從市場多元化的角度來看，我們將 10% 的交易量置於國際定價之下，感覺是正確的。根據與最終買家的討論，我們可以上下調整該數字。目前我們的人數大約只有 10%。但請記住，這些協議不具約束力，我們還需要做一些工作才能獲得允許我們實現目標的條款。所以我們這裡有這個水平，但也許並非所有這些協議都會到達終點線，但我們有很多選擇，使我們有能力確保我們獲得我們需要的條款。

Got you. And then this is a shot in the dark and it's related. I wouldn't call it an extra question. Is there any push because of the data center demand that maybe you would take your foot off the pedal of LNG? Is there -- are there balancing forces there? Or there are just kind of 2 positive outlooks that you're looking at? That's all I've got.

明白你了。然後這是一個黑暗中的鏡頭，它是相關的。我不會稱之為額外的問題。資料中心的需求是否會促使您放棄液化天然氣？那裡有平衡力量嗎？或者您只看到兩種積極的前景？這就是我所擁有的一切。

Yes, it's certainly another dynamic that we're putting into consideration. And when we step back and we look at the opportunity, servicing the emerging market of LNG, we have capacity to do that with our existing pipes. But one of the great things about data center demand is Appalachia has proximity to that. And so when we talk about advocating for LNG, this is more of a tide is going to raise all ships and be constructive for long-term demand of natural gas demand in the U.S. But when it comes to data centers, our view is really how can we get more direct exposure to that rising demand. And so we positioned the company extremely favorably to be able to make sure that we can get differentiated access to this new opportunity set. Things like positioning with MVP is great, showing the willingness to be first mover on doing large transformative gas supply deals that deliver reliable clean energy to customers. We're fielding calls on that front. And so we're really taking a much more targeted approach and leveraging our operation and commercial footprint to capture these opportunities in front of us.

是的，這當然是我們正在考慮的另一個動態。當我們退後一步，尋找機會，為新興的液化天然氣市場提供服務時，我們有能力利用現有的管道來做到這一點。但資料中心需求的一大好處是阿巴拉契亞地區距離該地區很近。因此，當我們談論倡導液化天然氣時，這更多的是一種浪潮，它將抬高所有船舶，對美國天然氣需求的長期需求具有建設性。是如何我們能否更直接接觸到不斷增長的需求？因此，我們對公司進行了極其有利的定位，以確保我們能夠以差異化的方式獲得這一新的機會。像 MVP 定位這樣的事情很棒，表明願意成為大型變革性天然氣供應交易的先驅者，為客戶提供可靠的清潔能源。我們正在接聽這方面的電話。因此，我們確實採取了更有針對性的方法，並利用我們的營運和商業足跡來抓住我們面前的這些機會。

Yes. I think it's really important to remember, if you step back and think about these LNG deals. I mean, they are very long-term agreements. And if you just look at the time when the U.S. became an exporter of LNG from 2015 to 2020, that arb was actually negative, right? So we expect over the long-term LNG to be a very positive catalyst, can add a lot of value. But if you sign up for too much LNG and that arb is negative for a couple of years, it's like a very, very expensive pipeline contract, right? You can get yourself into trouble with that. You saw that happen in the past decade. And so we think about it from -- you learn from the past. This is -- it's not the same as pipeline, but it is similar. So we are taking a very prudent approach to it. And when we step back and compare and contrast LNG versus data center demand, I think what's happening in the data centers will create a lot more like structural baseload demand not subject to is the arb open, is the arb closed for different periods of time. And that sort of stability is something that we really try to focus on in our business as we build it for the long term. So we'll have exposure to both, right? So in certain periods, one will be better than the other. But I think that growing data center demand theme on the doorstep of our asset base is something that has really surprised us. And the more we study it, the more excited we get.

是的。我認為，如果你退一步思考這些液化天然氣交易，記住這一點非常重要。我的意思是，它們是非常長期的協議。如果你只看2015年至2020年美國成為液化天然氣出口國的時間，那個套利其實是負的，對吧？因此，我們預計從長遠來看，液化天然氣將成為一個非常積極的催化劑，可以增加許多價值。但如果你簽訂了太多的液化天然氣，並且套利在幾年內都是負值，那麼這就像是一份非常非常昂貴的管道合同，對嗎？你可能會因此陷入麻煩。你在過去十年中看到了這種情況的發生。所以我們會從過去的經驗中學習。這與管道不同，但很相似。因此，我們對此採取非常謹慎的態度。當我們退後一步，比較和對比液化天然氣與資料中心的需求時，我認為資料中心發生的事情將產生更多類似結構性基本負載需求，不受套利開放、套利在不同時間段關閉的影響。這種穩定性是我們在長期發展業務時真正努力關注的事情。所以我們都會接觸到兩者，對嗎？所以在某些時期，一個人會比另一個人更好。但我認為我們資產基礎門口不斷增長的資料中心需求主題確實讓我們感到驚訝。我們研究得越多，就越興奮。

Your next question comes from Roger Read with Wells Fargo.

您的下一個問題來自富國銀行的羅傑·里德。

Yes. Just want to follow up. Is there any update on any of the regulatory hurdles related to the acquisition of ETRN?

是的。只是想跟進。與收購 ETRN 相關的監管障礙是否有任何最新進展？

Yes. Part for the course, we pulled and refiled with the FTC and the sustained operating procedure. So we've continued to work alongside the FTC and provide updates along the way. We're really encouraged about the opportunity to talk to the FCC about how this transaction makes Americas natural gas Champion EQT, a lower-cost energy provider, delivering more reliable energy and also helping customers acquire cleaner energy sources. So a lot of great things for us to talk about with the FTC, and we're excited about the process.

是的。作為課程的一部分，我們向聯邦貿易委員會和持續的操作程序撤回並重新提交。因此，我們繼續與 FTC 合作並提供最新資訊。我們非常高興有機會與 FCC 討論這項交易如何使 Americas Natural Gas Champion EQT（一家成本較低的能源提供者）提供更可靠的能源並幫助客戶獲得更清潔的能源。我們可以與聯邦貿易委員會討論很多重要的事情，我們對這個過程感到興奮。

Understood. And along those lines, the long-term demand here on the AI side, is there anything the data centers, let's call it, is there anything else you've seen recently or heard recently or any sort of direct outreach from consumers to EQT?

明白了。沿著這些思路，人工智慧方面的長期需求是資料中心，我們稱之為資料中心，您最近是否看到或聽到任何其他東西，或消費者對殷拓的任何直接聯繫？

Yes. I think there's a new dynamic that's really taking center stage here. Everybody understands the energy that they acquired. They want it affordable. They want it reliable. They want it clean. And certainly, with data centers liability is at the top of the list. But the other dynamic at play is going to be speed. And there's only one energy source that has shown the proof of track record of being able to meet any sort of demand from America and that is natural gas. Speed matters. And at a very high level, there's a couple of things that's going to allow natural gas to service this new demand quickly. Number one is leveraging existing power infrastructure, understanding that natural gas power plants are only running on average around a 60% utilization factor. There's an opportunity to leverage that underutilized capacity, and that could increase natural gas demand in the near short term.

是的。我認為這裡有一種新的動態真正佔據了中心舞台。每個人都了解他們獲得的能量。他們希望價格實惠。他們希望它可靠。他們想要乾淨。當然，對資料中心來說，責任是重中之重。但另一個起作用的動力是速度。只有一種能源已被證明可以滿足美國的任何需求，那就是天然氣。速度很重要。在非常高的水平上，有幾件事可以讓天然氣快速滿足這個新需求。第一個是利用現有的電力基礎設施，了解天然氣發電廠的平均利用率僅約 60%。有機會利用未充分利用的產能，這可能會在短期內增加天然氣需求。

And then stepping back, I think people are getting -- looking at how are they going to service this new demand. And all the challenges it takes to build any infrastructure even looking at natural gas, which will require a 20-acre footprint and all the permits associated need to make that happen, compare that to a 3,000-acre footprint if you're going to do solar or a 5,000-acre footprint if you're going to do wind. And you can understand that the best bet and the fastest option most proven is going to be leveraging natural gas to fill this demand.

然後退一步，我認為人們正在考慮如何滿足這項新需求。建造任何基礎設施所面臨的所有挑戰，甚至是天然氣，都需要20 英畝的佔地面積以及實現這一目標所需的所有相關許可，如果您打算這樣做，請將其與3,000 英畝的佔地面積進行比較太陽能或 5,000 英畝的佔地面積（如果您要使用風能）。您可以理解，經過驗證的最佳選擇和最快選擇將是利用天然氣來滿足這一需求。

I think it's super important to remember here, too, in terms of like in consumers reaching out wanting to buy gas, like if there is a first-mover advantage in this, like we already have it, right? We already sold 1.2 Bcf a day on a 10-year basis to the 2 biggest utilities in this region, right? And so when you think about where all the demand for data centers is right now in the country, today, you have about 20 gigawatts of demand. 13 of that is in the Southeast market, right? So a tremendous amount. So when these utilities reach out and they say, we need long-term reliable gas from a stable producer like EQT is the first name on the list. That is why we are the only ones who have already done a deal like this and done it at a scale that I think dwarfs what most people could do because we're the preferred supplier of gas. And you have to have a lot of characteristics in your business to be able to be that preferred supplier, part of it is scale, part of it is depth of inventory, it's credit ratings. It's having a really creative team that can work with utilities in buyers of gas to structure deals like this.

我認為記住這裡也非常重要，就像消費者想要購買汽油一樣，就像這方面是否有先發優勢，就像我們已經擁有它一樣，對吧？我們已經向該地區最大的 2 家公用事業公司出售了 10 年期每天 1.2 Bcf 的電力，對吧？因此，當您考慮一下該國目前對資料中心的所有需求時，今天的需求量約為 20 吉瓦。其中13個是在東南市場，對嗎？所以數量龐大。因此，當這些公用事業公司伸出援手時，他們說，我們需要像 EQT 這樣的穩定生產商的長期可靠天然氣，這是名單上的第一個名字。這就是為什麼我們是唯一已經完成此類交易的公司，並且其規模我認為使大多數人可以做的相形見絀，因為我們是首選的天然氣供應商。你的企業必須具備許多特質才能成為首選供應商，其中一部分是規模，一部分是庫存深度，還有信用評等。它擁有一支非常有創造力的團隊，可以與天然氣買家中的公用事業公司合作來建立這樣的交易。

So look, we think we're really, really well positioned to leverage what we've already done and accelerate that. And look, like we've already done, we're taking molecules that anyone can produce and selling them at a premium. I mean that's the essence of what we're doing. And I think we can do that and unlock sustainable demand in the process.

所以看，我們認為我們真的非常非常有能力利用我們已經完成的工作並加速這一進程。看，就像我們已經做的那樣，我們正在採用任何人都可以生產的分子並以高價出售它們。我的意思是，這就是我們正在做的事情的本質。我認為我們可以做到這一點，並在過程中釋放可持續的需求。

Your next question comes from Noel Parks with Tuohy Brothers.

您的下一個問題來自 Tuohy Brothers 的 Noel Parks。

I've got a couple of questions. Start on some of the same curve you've just been discussing. One of them was -- well, maybe sort of a broader question. You guys have clearly done a lot of thinking about risk reward and LNG timing. And I just wondered if you had any thoughts sort of in hindsight on the Freeport LNG outage of a couple of years ago. As we have LNG taking up a greater percentage of the consumption, possibility of events like that seems to loom a little large. I'm just wondering what your thoughts are on that? Whether that's something that's best addressed through hedging or whether it's just going to be another sort of potential volatility in the gas market?

我有幾個問題。從您剛剛討論過的一些相同曲線開始。其中之一是——嗯，也許是一個更廣泛的問題。你們顯然對風險回報和液化天然氣時機進行了許多思考。我只是想知道您對幾年前自由港液化天然氣停運事件是否有任何事後的想法。由於液化天然氣在消費中所佔比例較大，發生此類事件的可能性似乎有點大。我只是想知道你對此有何想法？這是否是最好透過對沖來解決的問題，或者這只是天然氣市場的另一種潛在波動？

Yes. I think the Freeport outage is just an example of the uncertainties that exist in any market, natural gas not excluded. And the Ukraine war, who saw that happening and the positive catalyst that created on our market. I think how do we deal with these types of uncertainties. One is understand that these uncertainties will exist. And part of the way we handle that and position the business is to take a steady measured approach when we're thinking about accessing new markets. I think we certainly are the first ones to get excited. But when it comes to translating that to action, we are very strategic and very methodical on the steps that we're taking to do that.

是的。我認為自由港停電只是任何市場都存在不確定性的例子，天然氣也不例外。還有烏克蘭戰爭，他們看到了這種情況的發生，並為我們的市場創造了積極的催化劑。我認為我們如何應對這些類型的不確定性。一是了解這些不確定性將會存在。我們處理這個問題和定位業務的部分方法是，當我們考慮進入新市場時，採取穩定、審慎的方法。我想我們肯定是最先感到興奮的。但在將其轉化為行動時，我們所採取的步驟非常具有策略性且非常有條理。

And I think you look at these uncertainties, this volatility that we're going to see in the natural gas market, we positioned our business at a very high level to be able to thrive in a volatile commodity price environment. And you can hedge, you can pay down debt, but we think the most impactful thing you can do to derisk your business is to lower your cost structure. And having a cost structure at $2 is not only going to derisk our business, it's also going to increase our exposure to higher pricing by mitigating our need to defensively hedge. So I think we're pretty good with the strategy right here, and it's just keeping the track on all the different moving parts and pieces, but that's sort of the general framework that we're deploying here.

我想你看看這些不確定性，我們將在天然氣市場上看到的這種波動，我們將我們的業務定位在一個非常高的水平，以便能夠在波動的商品價格環境中蓬勃發展。你可以對沖，你可以償還債務，但我們認為，你可以做的最有影響力的事情是降低你的成本結構，以降低你的業務風險。 2 美元的成本結構不僅會降低我們的業務風險，還會減少我們防禦性對沖的需要，從而增加我們面臨更高定價的風險。所以我認為我們在這裡的策略非常好，它只是追蹤所有不同的移動部件和部件，但這就是我們在這裡部署的整體框架。

Noel, think about how much LNG export capacity is being built just in Calcasieu Pass as an example, right? I mean that dwarfs just Freeport alone. So say there's a hurricane or a barge sinks, I mean, come up with any scenario, say that is shut in even for a month, the amount of volume that backs up in U.S. storage from just one event like that can be pretty tremendous.

諾埃爾，想想以卡爾克蘇山口為例，正在建造多少液化天然氣出口能力，對吧？我的意思是，光是自由港就相形見絀了。因此，假設發生颶風或駁船下沉，我的意思是，設想任何情況，假設即使關閉一個月，僅發生一次這樣的事件，美國儲存中的儲存量就可能相當巨大。

So when you think about LNG, I think there's certainly risk where like the pull could be to the upside. But in terms of what happens really quick, you don't expect it's probably more skewed to the downside, right? So what we're trying to do with our business, I mean, we make money as price times volume less costs, right? It's pretty simple. We want to make sure that no matter what that cost is so low that we don't have to be chasing after price, right? Because it's easy to cut production. That's what we've done right now. Increasing production is a lot harder, right?

因此，當你想到液化天然氣時，我認為肯定存在風險，例如拉動可能會導致上行。但就發生得非常快的情況而言，您預計它可能不會更傾向於下行，對嗎？那麼我們正在努力做我們的業務，我的意思是，我們透過價格乘以數量減去成本來賺錢，對吧？這很簡單。我們希望確保無論如何，成本都很低，以至於我們不必追逐價格，對嗎？因為很容易減產。這就是我們現在所做的。增加產量困難得多，對嗎？

So if you run a business model where bad thing happens, you have to decline production, a significant amount to remain cash flow positive. But then when prices go up, it takes you 12 to 18 months to ramp production back up sustainably. I mean, prices don't hang high that long, right? It's a bit of a chasing after the wind. So we're trying to run our business in a much more stable way, where the downside is not really a big deal. We can still generate durable cash flow. And in the upside case, we've got the same volume times the higher price, and we don't have the huge hedge loss, right?

因此，如果你的商業模式發生了不好的事情，你必須大幅減少產量，以保持現金流為正。但當價格上漲時，您需要 12 至 18 個月的時間才能可持續恢復產量。我的意思是，價格不會持續那麼長時間，對嗎？有點追風的意思。因此，我們正在努力以更穩定的方式經營我們的業務，這樣的負面影響並不是什麼大問題。我們仍然可以產生持久的現金流。在好的情況下，我們得到了相同的交易量乘以更高的價格，我們沒有巨大的對沖損失，對吧？

One of the things that I think is remarkable to us when we step back and look at the last 5 years, even the winners in 2020 were the big integrated companies, right? They didn't really sweat COVID as much because they have high-quality, low-cost businesses. The winters in 2022 when you had windfall pricing about oil and gas, were again integrated because they were unhedged, right? That's why stock prices are at all-time highs. They're sitting on a lot of cash. We lost more money hedging in 2022, nearly $6 billion than the market cap we just paid for Equitrans.

當我們回顧過去 5 年時，我認為對我們來說值得注意的事情之一是，即使 2020 年的贏家也是大型綜合公司，對吧？他們並沒有真正為新冠病毒擔心，因為他們擁有高品質、低成本的業務。 2022 年的冬天，當你對石油和天然氣進行意外定價時，由於它們沒有對沖，所以再次被整合，對嗎？這就是為什麼股價處於歷史高點的原因。他們坐擁大量現金。 2022 年，我們因對沖而損失了更多資金，比我們剛剛為 Equitrans 支付的市值近 60 億美元。

So just like put that in perspective and think about you go through that sort of cycle again in a world we expect to be more volatile that looks more and more like that more frequently, if a deal like this puts us in a position where we can emulate the sort of success that those bigger companies actually achieved over that time period, the amount of shareholder value unlocked by doing that is tremendous. It's a very hard thing to model, right? But in reality, when you overlay psychology and risk management coming to protect against operating leverage on top of that, that's the result that plays out. right? And so that's how we positioned ourselves.

因此，就像正確看待這一點並考慮一下，在一個我們預計會更加不穩定的世界中再次經歷這種循環，如果這樣的交易使我們能夠效仿那些大公司在這段時間內實際取得的成功，這樣做所釋放的股東價值是巨大的。建模是一件非常困難的事情，對吧？但實際上，當你將心理學和風險管理疊加起來以防止營運槓桿作用時，就會出現這樣的結果。正確的？這就是我們對自己的定位。

We think there's a lot more events like that, that happen again, whether it's from LNG or something else. Prices will go very low. You're seeing it this year. Conversely, all of a sudden, demand gets pulled. You have full utilization. You can drain U.S. storage very rapidly. And it will take production a little while to respond, right? So we want to be in a position where we're best able to weather the downside and capture that upside. And over the long term, that value will compound in a very differentiated way.

我們認為類似的事件還會發生很多，無論是液化天然氣或其他事件。價格將會非常低。今年你就看到了。相反，需求突然被拉動。你已經充分利用了。您可以非常迅速地耗盡美國的儲存空間。生產需要一段時間才能做出反應，對嗎？因此，我們希望能夠最好地應對下行趨勢並抓住上行趨勢。從長遠來看，這種價值將以一種非常差異化的方式複合。

Great. And I totally understand your framing of the factors of data center demand growth, coal retirement. And sort of on the issue of grid fragility, I think, in particular, about the microgrid market. I was thinking back to your deal with Bloom Energy a couple of years ago for RSG certificate sales. And I just wondered if you saw similar opportunities, whether deals like that are kind of a good investment in company time, in terms of just what you can capture, in terms of sort of economics of those. So any thoughts on that would be great.

偉大的。我完全理解您對資料中心需求成長、煤炭退役等因素的理解。在某種程度上，關於電網脆弱性的問題，我認為，特別是關於微電網市場。我回想起幾年前您與 Bloom Energy 就 RSG 證書銷售達成的協議。我只是想知道您是否看到了類似的機會，就您可以捕獲的內容以及這些交易的經濟效益而言，這樣的交易是否是對公司時間的良好投資。所以任何對此的想法都會很棒。

Yes. Specifically on RSG and making investments there, we think, producing clean energy and having the transparency backed up with certificates to prove that, it's going to be normal operating procedure going forward. But if your question is about power generation and partnering with power-generating companies like Bloom Energy, there's really 2 different worlds that are going to be servicing this data set, this power demand. One is going to be on the grid. And if you want to use that, get in line. You've got long queues that you need to work through to get interconnected to the grid. But this other world, which is one of the ones we're being a little bit more direct with our partnerships to bring solutions to market is behind the grid power generation solutions. That's where we can leverage our operational footprint, our existing assets, the pipelines and develop behind the grid energy solutions for customers. We think that could offer a much faster pathway to meeting their energy demands. And as I mentioned before, speed matters. And I think behind the grid solutions will be ways that we can flex some of those partnerships.

是的。我們認為，特別是在 RSG 和在那裡進行投資，生產清潔能源並透過證書支援透明度來證明，這將是未來的正常操作程序。但如果您的問題是關於發電以及與 Bloom Energy 等發電公司合作，那麼實際上有兩個不同的世界將服務於這個資料集，即電力需求。其中一個將出現在電網上。如果您想使用它，請排隊。您需要排很長的隊才能互連到電網。但另一個世界，也就是我們與合作夥伴更直接地將解決方案推向市場的世界之一，就是電網發電解決方案的背後。在這裡，我們可以利用我們的營運足跡、現有資產、管道，為客戶開發電網能源解決方案。我們認為這可以提供一條更快的途徑來滿足他們的能源需求。正如我之前提到的，速度很重要。我認為網格解決方案背後將是我們可以靈活運用其中一些合作關係的方式。

Your next question comes from Josh Silverstein with UBS.

您的下一個問題來自瑞銀集團的喬許·西爾弗斯坦。

So you provided a lot of good details on the lower breakeven price. So I just had a couple of questions there. First, I think you exclude the non-divestiture impacts. Can you give us what the pro forma numbers would be? And then just around the third-party revenues, it's big at $0.27 here. Does this change over time? Or are these under 10-, 15-year or 20-year agreements that, that should stay pretty consistent through 2030s?

因此，您提供了許多有關較低損益平衡價格的詳細資訊。所以我有幾個問題。首先，我認為你排除了非剝離影響。您能告訴我們預計的數字是多少嗎？然後就第三方收入而言，這裡的收入很高，為 0.27 美元。這會隨著時間的推移而改變嗎？或者這些是根據 10 年、15 年或 20 年協議制定的，到 2030 年代應該保持相當一致？

Yes. So I guess, first of all, on the cost walk, I don't anticipate much of a change from the non-op sales. They are high-quality assets, but it's not going to move the needle all that much. I think there's other variables in the mix that will have a more outsized impact of that in terms of like you capturing synergies, other projects we're investing in around the asset footprint. So I wouldn't -- I think that's still a pretty good directional walk as to where we expect that to end up.

是的。所以我想，首先，在成本方面，我預計非營運銷售不會有太大變化。它們是優質資產，但不會產生太大影響。我認為，在這種組合中還有其他變數會產生更大的影響，例如捕捉協同效應，以及我們圍繞資產足跡投資的其他項目。所以我不會——我認為對於我們期望的最終結果來說，這仍然是一個非常好的定向行走。

Yes. And then as far as the third-party opportunity set, yes, we look at that as a way to reduce our cost structure. Listen, we're rolling up our sleeves and understanding what the opportunity set looks like there. Like what we did when we came in here with EQT, we wanted to realize the full potential of EQT's assets. It's the same playbook being -- in mentality being applied to the E-Train assets. And one of the ways that we can realize the full potential of those assets is increasing the utilization of those midstream assets. And one of the ways that we can do that is with our own volumes, but also there's going to be opportunities where there's opportunities for us to increase utilization using third-party volumes. So that's something that we're mapping out. The leadership at EQT, that's going to be running these assets, has a track record of maximizing the utilization of our pipe systems. Just a reminder, at Rice Energy producing 2 Bcf a day gross, our midstream team was gathering almost 3 Bcf a day. So this is a part of the DNA, and it's aligned with our core strategy of lowering our cost structure.

是的。然後就第三方機會集而言，是的，我們將其視為降低成本結構的一種方式。聽著，我們正在捲起袖子，了解那裡的機會集是什麼樣的。就像我們加入 EQT 時所做的那樣，我們希望充分發揮 EQT 資產的潛力。這是同樣的劇本——在心態上應用於 E-Train 資產。我們能夠充分發揮這些資產潛力的方法之一是提高這些中游資產的利用率。我們可以做到這一點的方法之一是使用我們自己的捲，但我們也有機會使用第三方卷來提高利用率。這就是我們正在規劃的事情。 EQT 的領導層將負責營運這些資產，他們在最大限度地提高管道系統的利用率方面有著良好的記錄。提醒一下，Rice Energy 每天的產量為 2 Bcf，而我們的中游團隊每天的產量幾乎為 3 Bcf。所以這是我們 DNA 的一部分，它與我們降低成本結構的核心策略是一致的。

Got it. That's helpful. And then just before just on the hedges, just going back to the prior call, I thought the view was that E-Train would now be the new hedge, but you guys have added hedges into the first half of next year, pretty similar to it looks like to what the second half of '24 is. Was it just a view of maybe some potential weakness or uncertainty this winter before you have a rising demand outlook going forward? Or is this a change in strategy over the past few months?

知道了。這很有幫助。然後就在對沖之前，回到之前的電話會議，我認為 E-Train 現在將成為新的對沖，但你們已經在明年上半年添加了對沖，非常類似於看起來就像 24 年下半年的情況。在您對未來需求前景上升之前，這是否只是對今年冬天可能出現的一些潛在疲軟或不確定性的看法？還是這是過去幾個月策略的改變？

No, Josh, it's consistent with what we talked about before. I mean step one is deleveraging. So we need to protect the balance sheet first and foremost. By the time we get through that, we hit our targets by the end of 2025. I think you see the post 2025 hedge strategy look very different. But look, the next 12 to 18 months is all about the balance sheet, bulletproofing that plan. But in 2026 and beyond, I think you're going to see us have differentiated upside to higher gas prices in volatility.

不，喬什，這與我們之前談到的一致。我的意思是第一步是去槓桿化。因此，我們首先需要保護資產負債表。當我們完成這個任務時，我們將在 2025 年底實現我們的目標。但你看，未來 12 到 18 個月的重點是資產負債表，以及完善該計劃。但在 2026 年及以後，我認為您會看到我們在波動性較高的天然氣價格中獲得了差異化的上行空間。

There are no other questions in the queue. This will conclude today's conference. Thank you for your participation. You may now disconnect.

隊列中沒有其他問題。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。